Ad
related to: chit funds in kerala
Search results
Results From The WOW.Com Content Network
KSFE's purpose at founding was to provide an alternative to unscrupulous private-sector chit fund organizers. [4] In 2000, it had 77% of the capital volume of the chit fund business in Kerala, though just 37.5% of the number of chit funds. [4] Types of KSFE chitty schemes. Regular Chitty : In regular chits one person can bid per month. The ...
During the 1930s, 166 banks were conducting chit funds in Kerala. [3] The first state-run chit fund, Kerala State Financial Enterprises, was established in 1969 by the Kerala government. Its explicit purpose was to provide an alternative to unscrupulous private-sector chit fund organizers. [3] In 2000, it had 77% of the capital volume of the ...
The city also is the headquarters of Manappuram General Finance and Leasing Ltd and Kerala State Financial Enterprise. According to All Kerala Kuri Foreman's Association, Kerala has around 5,000 chit companies, with Thrissur accounting for the maximum of 3,000. These chit companies provide employment to about 35,000 persons directly and an ...
[51] [52] [53] Many chit funds, a type of Indian savings and credit system, are located in Thrissur. In 2010, an estimated 3,000 chit fund companies were located in Thrissur, employing approximately 35,000 people. [54] [55] South Indian Bank headquarters in Thrissur City. The city is a hub for the Ayurvedic drug-manufacturing industry.
G. Alexander Muthoot was born to M George Muthoot and Ammini George Muthoot on 16 September 1955 in Kozhencherry, a small town in Kerala. M. George Muthoot managed the family business of Chit funds in Kozhencherry.
Chit funds operate along similar principles, and the chit-fund association of India has estimated there are thousands of Indian companies that include management of kitty party funds as part of their services, although these companies tend to be interested only in higher value kitty party funds.
During his time at university, he launched his first business, a chit fund in Kollam on reportedly borrowed money. [6] Later, he started an engineering contract business and worked for some of the major industrial houses in Kerala such as Fertilisers and Chemicals Travancore Limited, Hindustan Newsprint Limited, and Cochin Refineries. [6]
The Saradha Group financial scandal was a major political scandal caused by the collapse of a Ponzi scheme run by Saradha Group, a consortium of over 200 private companies that was believed to be running collective investment schemes popularly but incorrectly referred to as chit funds [1] [2] [3] in Eastern India.